Sources close to the development say, Ms Buch may shift to Singapore where her husband Dhaval Buch is currently located. Dhaval Buch, who is with global FMCG major Unilever, is part of President of Unilever Asia Harish Manwani's team that is leading the company' businesses for Asia and Africa.

When contacted by VCCircle, a company spokesperson said, “No Comments”.

Anup Bagchi, who is executive director at ICICI Securities, could be Buch's likely successor, sources said. Both Buch and Bagchi are also ICICI Securities board members. Bagchi, who has been with the ICICI Group for over 17 years, is in charge of the retail broking business, distribution of retail financial products and wealth management services.

As head of ICICI Securities, Buch is responsible for the firm’s corporate finance activities, which include equity capital markets advisory services and institutional and retail stock broking.

Prior to her present assignment, Buch was an executive director on the board of ICICI Bank. She was responsible for the global markets business covering treasury solutions for clients, including foreign exchange, fixed income and derivatives.

There have been many top level changes at the country’s largest private sector lender in the recent years. In April 2009, Shikha Sharma, MD & CEO of ICICI Prudential Life Insurance, quit to become the MD & CEO of Axis Bank. In the same month, Renuka Ramnath, MD & CEO of ICICI Ventures, left to set up her own venture, Multiples Alternate Asset Management.